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Book bridges gap between mental health and money

01 November 2023 | Story Valentino Ndaba | Photo SUPPLIED

As we deepen our understanding of the connection between money and psychology, financial therapy has gained popularity as a field of study. During World Mental Health Awareness Month, it was essential to delve into practical guidance for financial therapists, as well as for financial planners and mental health practitioners who are integrating financial therapy into their practice.

Dr Prince Sarpong, Senior Lecturer in the School of Financial Planning Law (SFPL) at the University of the Free State, and Prof Liezel Alsemgeest, Director of the SFPL, recently edited and published a book titled: Perspectives in Financial Therapy. Other academics from the SFPL who contributed to the book include Dr Rika van Zyl (Senior Lecturer) and Henda Kleingeld (Lecturer).

Perspectives in Financial Therapy

Published in July 2023, Perspectives in Financial Therapy aims to contribute to the body of knowledge in financial therapy. Both academics and practitioners in the mental health, financial planning, and related fields recognise the increasing prevalence of money-related psychological distress.

According to the editors, the primary target audience for this 14-chapter book includes academics and practitioners in the fields of financial therapy, financial planning, financial counselling, financial coaching, and mental health, as well as undergraduate and graduate students in these fields.

Mental well-being and financial matters

In Chapter One, Dr Sarpong begins by taking a close look at the developing field of financial therapy. He then investigates Models, Resources, and Tools Applied in Financial Therapy in Chapter Four. In this chapter, Dr Sarpong provides discussions on “the identified money scripts and money disorders in financial therapy, and on some of the main models, tools, and resources employed in financial therapy. The models in financial therapy are adapted mainly from the broader field of psychology and financial planning and can be employed by financial planners, financial therapists, and mental health professionals in helping clients to resolve their money-related distresses”.

Understanding generational differences is a crucial part of financial therapy. in Chapter Seven, Prof Alsemgeest touches on how each of the generations develops and distinguishes itself from other generations through shared social and historical life experiences. She added, “The chapter stresses that in the practice of financial therapy, it is important for practitioners to understand how each generation’s attitudes, perceptions, and behaviours around money were shaped, in order to be able to create rapport with a diverse group of clients.”

Comprehensive perspective on financial therapy

The book also delves into various other topics, including the brain and financial decision-making; practical application of neuroeconomics in financial planning; decolonising assessments in financial therapy from an African context; challenges, benefits, and implications for online financial therapy; couples and financial therapy; planning for and surviving divorce; rebuilding a stable emotional and financial foundation after divorce; therapeutic jurisprudence and estate planning; the limitations on freedom of testation, allaying estate planning fears through trusts; as well as a critical appraisal financial therapy.

News Archive

Researcher transforms despair into diamonds

2016-01-18

PhD candidate, Lerato Machetela and some members of the group Diamonds in the Rough having some fun between rehearsals.

Awash in hopelessness, substance abuse, violence, and sexual promiscuity. This is the lived reality of the youth in Jagersfontein. But now Lerato Machetela is using her research to change it.

As a PhD candidate in Trauma, Forgiveness, and Reconciliation Studies at the University of the Free State (UFS), Machetela assembled a group of 14 young men – ranging between the ages of 9 and 18 – who call themselves Jagersfontein’s Diamonds in the Rough. Combining elements from psychology, education, and entertainment, Machetela has established a platform that grounds these young ones adrift in circumstances. By means of song and dance, these young ones have become grounded through creativity.

While discussing what it means to be free in the new South Africa, Machetela asked the group to come up with a song similar to the struggle song, ‘Nelson Mandela usi litheli ixolo’.

Jagersfontein’s Diamonds in the Rough Researcher, Lerato Machetela, combines psychology, education, and entertainment to ground local youths through creativity.

The result: He’s a teenager, but he drinks Hansa.

“This then developed into a dance routine depicting what the youth is doing with their freedom,” Machetela says. With each beat of their boots and rhythmic clap of their hands, the group illustrates the ways in which the youth has constructed – and come to understand – their daily realities. “The routine includes the expression of alcohol and drug abuse, and ends of with the importance of education.”

Through the creative expressions of Diamonds in the Rough, Machetela is able not only to explore the reality of the youth in Jagersfontein, but also to investigate intergenerational trauma. “I am looking at whether there is a relationship between these young people’s current circumstances and the experiences of their parents’ generation during the apartheid years. That is, what sort of meanings do they construct as young, black South Africans growing up in the new South Africa?”

What started off as a research project is now rippling beyond academic spheres, though. The Free State Department of Sport, Arts, Culture and Recreation has taken note of this initiative. As a result, the group has already performed at the Bloem Show, International Museums Day, and Heritage Day celebrations, as well as at the Mangaung African Cultural Festival (MACUFE).

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